How will the BRICS currency work

What would be the most practical and modern monetary system if we learn from all the mistakes of the past?
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References:
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Attribution
AIIB Headquarter Photo: By N509FZ - Own work, CC BY-SA 4.0, commons.wikimedia.org/w/index...
Breakdown of NDB loan approval by sector: By Bb3015 - Own work, CC BY-SA 4.0, commons.wikimedia.org/w/index...
Original Ownership of BRICS shares image: By Bb3015 - Own work, CC BY-SA 4.0, commons.wikimedia.org/w/index...
NDB TimeLine Image: By Bb3015 - Own work, CC BY-SA 4.0, commons.wikimedia.org/w/index...
NDB Headquarters Photo: By Bb3015 - Own work, CC BY-SA 4.0, commons.wikimedia.org/w/index...
BRICS Country Map: By Cflm001 (talk) - Own work This file was derived from: BRICS.pngby User:João Felipe C.S on 2006-11-25. Released under {{PD-self}}, Public Domain, commons.wikimedia.org/w/index...
Map of AIIB Member Countries: By L.tak, CC BY-SA 4.0, commons.wikimedia.org/w/index...
AIIB logo on stone: By 颜邯 - Own work, CC BY-SA 4.0, commons.wikimedia.org/w/index...
AIIB logo: By Asian Infrastructure Investment Bank - www.aiib.org/_common/base/img..., Public Domain, commons.wikimedia.org/w/index...
South Africa Gold Chart: By Plazak - Own work, CC BY-SA 3.0, commons.wikimedia.org/w/index...
Gold Bars: By Stevebidmead - pixabay.com/en/gold-ingots-go... archive copy, CC0, commons.wikimedia.org/w/index...
Bitcoin Graph: Investing.com, 22 Aug 2022 - 19:57:24 GMT, Powered by TradingView

[@Riggsnic_co]

BRICS wants to build a new currency. It is also worth noting that gold has historically been used as a store of value and a means of exchange, and some countries still hold significant amounts of gold in their reserves. However, it is unclear how a new currency backed by gold would function in the current global financial system and whether it would gain widespread acceptance. Ultimately, any decision to create a new currency would be subiect to numerous economic, political, and logistical considerations.

[@Oly_laura]

It's interesting to learn more about the discussions and proposals around BRICS nations and their potential use of gold. There are several reasons why people may choose to buy gold, including its historical use as a store of value and means of exchange, its potential as a hedge against inflation or currency devaluation, and its relative scarcity compared to other commodities. Additionally, gold can offer diversification benefits to investment portfolios, as it tends to have a low correlation with other asset classes like stocks and bonds. However, it's important to note that investing in gold carries risks and may not be suitable for evervone. and investors should carefully consider their investment objectives, risk tolerance, and financial situation before making any decisions.

[@martingiavarini]

Investing in gold is a reliable choice, and I plan to keep buying more to make up for my losses. While silver is also a good investment, my collectibles are not as similar. It's important to have clear investment goals and educate yourself on the type of investment that interests you. I work with Catherine Morrison Evans, a financial consultant regulated by the SEC, and started small, but eventually accumulated almost $820K.

[@hermanramos7092]

@@martingiavarini How can i reach her, because I’m seeking for a more effective investment approach on my saving.

[@martingiavarini]

@@hermanramos7092 Catherine Morrison Evans’’ maintains an online presence. just make a simple search for her name online.

[@hermanramos7092]

@@martingiavarini She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing..This information is really helpful.

[@ncedovilakazi1985]

Renminbi, Rand, Real, Rupii and Rubel. The Currency can just be an R maybe with a line or something in it.

[@thecomment9489]

The last two are rupee and rouble.

[@ncedovilakazi1985]

@@thecomment9489 Still counts.

[@AchuthanKarnnan]

You mean something like ₹ ? That's the symbol for Indian rupee...

[@stephentan7881]

I thought Russia and China had come out with a basket of commodities to be weighted in determining the value of a currency, food, minerals and the like. Gold is just one of the items.

[@TheNigelTaps]

It's funny how the Weat isn't taking this serious. You won't even see this in their major media outlets but this might upset the current economic situation

[@kirstinstrand6292]

This will not be an immediate transition, although it does seem to be moving forward; my USA bank delivered new compliance clauses requesting acceptance of digital transactions.

[@Iampowerful8]

The leftist media is hiding it from the general population.

[@thecomment9489]

That's Western freedom of press for you. Keeping their idiotic masses in ignorance by lying, manipulating, not reporting or over reporting and call that freedom of the press.

[@jimmysteinberg1114]

@Kristen, BRICS will fail as China is operating a banking system thats neither free or fair...Digital currency will fail sooner rather than later and no-one is going to adopt it. Citizens are seeking free monetary policies not communist China having access to our wealth... Europe and the US won't allow their currencies to falter and I have too agree that this is a terrible idea. I dint and will never feel comfortable tradingbwith the Arab world. Imagine Saudi and Iran on BRIC passports. Get real

[@tracysmith245]

they should have been watching this a long time ago

[@TamimLB]

South Africa doesn't have to stock pile Gold when it's already here. Why take it out the ground, send it around the world just to bring it back at a high price.

[@redouanegoulmamine2013]

if you use the gold standard you won't have inflation because for the simple reason you cannot print paper currency at will. only the offer and demand can have an impact on the the inflation/ prices.

[@tristinhoriquelme7303]

Brazil in 2022, International reserve: Yuan from 1,21% to 5% Dollar from 86% to 80% Gold 1,21% to 2,25

[@rogerhill138]

Thanks Steve, I found that really interesting and will share with my economics group: National Economics Forum UK.

[@Bawdale]

I think CBDC's will play a role. China's CBDC was to internationalise the yuan for friendly countries without the risk of completely opening up and exposing the currency to the influence of the massive US banks.

[@hoponasu5870]

CBDC is not currency at all but control tool to totalitarity - very bad!

[@saifalarabi4491]

This BRICS currency is meant to change history.

[@ayandasigxashe7198]

Change is coming! Been stocking up in gold past few years! I have two questions for you: what will happen to the Africa free trade agreement if & when gold becomes as standard? 2. As gold around the world is of different value? Who will dictate the purchase power? Great video 🔥🧨

[@zaynvogel1737]

Xrp xlm xdc

[@tristinhoriquelme7303]

Hi Steve, Very good video. All the best to SA from Brazil

[@thestevewood]

A couple of comments points to XRP as a means of exchange between 2 currencies. I agree that this is possible and most institutions and banks are moving into the iso 20022 standard, I am not so sure if countries would trade through XRP since it does have the same problems as Bitcoin when it comes to price fluctuations. Thus I speculate that the answer might be a new gold crypto controlled by the BRICS countries to ensure that the price stays pegged to gold. But I might be wrong! I have also looked at GLC, XAU, OGC, Meta Gold, AGLD and AWG. And none of them follow the gold price, even though they are technically backed by gold. The closest ones were AUXt, PMGT, PAXG which actually followed the gold price. But I am not so sure that the BRICS countries would trust other entities with their gold. As these tokens are usually linked to gold reserves outside the BRICS countries.

[@dre.x.]

Thank you for your thoughts Steve, really appreciate it. XRP will become a stable coin at a much higher price, a lot of the people in prominent positions have alluded to this. RippleNet can only work with XRP. The system is not live yet thus why XRP is currently volatile as it is on the open market available for trade, but this is not the proper use case. Utility has not yet kicked in as ISO20022 has not gone live yet. Also, I wish to point out that XRP settles within 4 seconds, the party who does tge transaction does not necessarily have to hold it for long to make the transaction. They can literally just buy XRP for that few seconds that the transaction is needed in order to complete the transaction. Given that it takes seconds to make a transaction, it's a lot less volatile as it's extremely unlikely to fluctuate heavy in price within the four seconds needes to make the settlement.

[@rotking7236]

@@dre.x. but what is XRP backed by

[@dre.x.]

@@rotking7236 it's backed by lucky packets, sweets, chocolate, lollipops, potato chips, wind chips, etc.

[@rotking7236]

@@dre.x. lol

[@sanimast3r]

Why will BRICS+ trust American product[XRP]?

[@timmabotha4596]

Proudly 🇿🇦

[@dovydasorzekauskas7993]

That currency will be definitely backed by gold, otherwise BRICS countries wouldn't stack so much gold past years. Also if you noticed, countries which consider to join BRICS (like Egypt) also started stacking gold. That means a lot now

[@TheDistrict644]

Its scary to the degree of what they are capable of doing with the money they have. It only makes since since the dollar is about to fall through the floor. With Russia having one of the largest amounts of gold and China with other countries slowly pulling out of America because, that will transfer the power into the hands of the countries with the most gold. Can you imagine with no sanctions imposed and other countries moving to BRICS nations? Not good for America. People are saying about 10 years for the dollar to fall, but, I think it will fall much faster, especially with a new gold standard set. I think the only reason we are still floating is because Chinas so invested with us. We have been sending them large amounts of gold for a reason.

[@dovydasorzekauskas7993]

@@TheDistrict644 Imagine China starts to dump their 3 trln dollars they have now :) What would happen for dollar.

[@dovydasorzekauskas7993]

@@TheDistrict644 And I think they are waiting for the moment to start dumping US dollar. And that moment will be, when they announce their reserve currency. So this will be double damage for dollar as inflation will spike so fast

[@mbdAli]

@@dovydasorzekauskas7993 China will be looser. Bcz the moment the dump it’s value go down 3$ trillion cannot be dumped in a day or two

[@rogerhill138]

I understand China is now unloading the US dollar and now has around 900 billion

[@Jouhzu]

Your videos are great. My most favourite video of this year Steve. Keep it up

[@mayaluna5881]

That was quite intersting. Thanks.

[@Mr.Man-]

Solid content Steve. Thanks for your view and concepts.

[@daviddefranco5218]

I totally beg to differ...poor guy was like a lost blind folded ferret in a dog race.

[@tusiedavid818]

and how does it work if the backing is a set of commodity exchange such as gold, oil, uranium, other precious metals, etc.?

[@thestevewood]

I did hear Putin say that the currency would be backed by a lot of commodities. I assume that there might be a separate token for each type of commodity.

[@redflag4255]

Glad I found your channel

[@jerryc5743]

Pausing here just in case this question is addressed later. 0:13 Question(purely out of curiosity and expressed out of sense of pragmatism not ideology): given that countries cede a degree of autonomy in terms of fiscal and monetary authority to a central body when adopting a single currency, how do member nations feel about this loss, whether great or small, of sovereignty? For comparison, there are those in the EU that feel a degree of such loss to Brussels, n’est-ce pas?

[@dre.x.]

XRP will be the bridge currency for transactions between central banks. XRP will be backed by gold. There already hundreds of banks, the World Economic Forum and the International Monetary Fund are all either partnered or associated with Ripple. Please share your thoughts on this, would really appreciate it.

[@thestevewood]

I will definitely do some digging and share my findings!

[@dre.x.]

@@thestevewood thank you

[@CyborgWSFF1]

I also think so I think it is acutely likely look into polysyn that will blow your mind

[@dre.x.]

@@thestevewood forgot to add that XRP is one of the 5 ISO20022 Digital Assets that will be used for the new financial system. I saw a news article a few months ago that the SARB announced that they will use DLT (Distributive Ledger Technology) as the base for their CBDC that they are planning on launching soon. XRP runs on Distributive Ledger Technology. Unlike Bitcoin, it has instant settlements (4 seconds max), it's almost free to transact and it's energy consumption is very light. Light carbon footprint.

[@rotking7236]

Why will we use a American company like XRP

[@verygrateful007]

Enjoyed listening to your thoughts.

[@mineralmedia888]

In answer to your question, "why is South Africa is the one BRICS country that has not stockpiled gold when in fact they ironically hold the 3rd or 4th largest un-mined reserves --?? This probably means that incoordance with the joint and coordinated plants of China and the BRICS ... when the time comes to roll out the BRICS system as a USD/SWIFT alternative South Africa will simply nationalize all of the gold reserves currently held by foreign (western) mining companies. IMO.

[@thestevewood]

Well I hope that this doesn't happen. Because that might scare investors away from SA.

[@CyborgWSFF1]

the rabbit hole goes deep

[@dre.x.]

It certainly does!

[@CyborgWSFF1]

but its going to blow your mind

[@rgaleny]

CAN THE BR CURRENCY BE RENDERED ON THE BLOCK CHAIN EVEN WITH BACKING ?

[@ShammuaMekonnen]

Steve, how did you get that background ?

[@Xlippo]

Debt based economies suffer from debt saturation over time, which is why gold standard, or backing debt with anything that has value is so important, else the banks will slowly own everything. Which is why the people needs something of value when debt is too saturated, so they're are not empty handed when the economies has depressed/crashed.

[@daniellarson3068]

There will be differences in the BRICS countries. It's not a single entity. The idea simply reeks of instability. Russia is sanctioned, China manipulates the value of its currency, India and China are often at odds, etc.

[@johnsmith-cw3wo]

Still better than mighty america just -steal- FREEZE you money just because don't like your government. (how they did with Afghanistan)

[@daniellarson3068]

@@johnsmith-cw3wo Legal system of America may yet give Afghanistan the money back. No chance of legal recourse in most of these other nations if they did something like that and there is no possibility that they won't.

[@johnsmith-cw3wo]

@@daniellarson3068 Tell that to a starving Afghan.... ''I know you don't have food and I have your money, but wait for the Legal system of America to Afghanistan the money back. Soon... in a few years... maybe...''

[@AC-hu3xk]

In South Africa we have gold, but we don't have leaders with brains

[@minime8048]

well your ahead of the USA they have neither gold, Nor leaders with brains

[@jerryc5743]

13:13 - well, a short term strategy of gold devaluation is good if your intent is to buy more. Of course, that assumes that the price will increase in the long term.

[@annamalaiist]

Just fix the currencies on permanent exchange rates. It could be a market rate of any date or any average. And just change like dollars and cents. The value of currency goes back to its purchasing ower. This would end the long drawn dilemms

[@VicLaranja]

Dude your green screen is SO clean!

[@masseysubra6814]

You don't need gold standard or any standard, every country must produce goods which can be bartered for a common currency, called BRICS. This way only valuable things will be produced. Government can tax an help the unfortunate people and banks should not be allowed to create debt and monetize debt

[@ismailhashim596]

Assume I have spare money, which money should I buy now to make profit a year to come?

[@fredgastrow]

I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Mrs Maria Reyes.

[@fredgastrow]

she often interacts on Telegrams, using the user below.

[@fredgastrow]

REYES40 💯

[@britneygilliam2005]

How do I get in touch with Mrs. Reyes

[@britneygilliam2005]

How do I get in touch with Mrs Reyes

[@fredgastrow]

She often interacts on Telegrams, using the user name written above

[@codyscorner4337]

Wow good insight on everything ! Definitely seems like a possibility . Could there be a smooth transition from usa to use brics ?

[@WiltonSilveira]

Nao. Será um conflito econômico muito duro. E provavelmente ocorrerão guerras entre os Estados Unidos e outros países.

[@realtimeltd]

Every country holding gold will determine the value of currency. It will be upto the country, either accept currency of other country or convert it into gold.... That is possibility.

[@phalgunibhuyan3881]

I like your analysis. BRICS members should open Account in NDB bank,

[@Juankarosemena]

What I will do to play it safe and make a really good investment taking in consideration the fundamentals is that I will take advantage in this Inflationary Depression and invest in collapsed businesses that sells industrial metals, coffee, energy, any type of consumers goods, food, precious metals and much more that pays dividends (really important) in the BRICS countries and allies stock markets. Also the businesses that I will invest will benefit from hyperinflation because they sell real stuff that the global society will always demand no matter the situation and I will buy the stocks cheap 70%-90% collapsed, it is important that this businesses have more that 20 years operating and that I can see exactly how they performed in the 2001 crash, the 2008 crash and the 2020 crash to make sure that the businesses are rock solid. I will invest my money from Liechtenstein because they are basically untouchable, have a safe banking system, only 0.5% debt to gdp. The monarchy have a rock solid bank that is called LGT where I can have my bank account and invest in any stock market from there. In others countries we will see a lot of freezing of accounts of any type thanks to all the malinvestment bubbles bursting and I feel really comfortable investing from Liechtenstein. Invest safe people, have a great and abundant decades.

[@merrick6484]

I think the best way to make BRICS currency works will be partially backed by Gold, and other commodities like silver and oil. Lets call it a Bricks‘ Gold Coin/ BGC. BGC will be peg to a busket of Gold and Commodity price. At the same time, created a loan from New Development bank based on these 5 countries GDP multiply by 10 years, (with a market related interests), these 5 national currency serves as a Fed Bond, and its tradible and exchangable. This will help liquidity of the Currency. If China has increased its GPD in last three years, her loan/bond amount will automatically increase, and vise versa. These 5 currency will also trade against BGC and other member states.

[@merrick6484]

In this way, China will not dominate the BGC currency alone, but also differentiate level of financial strength of individual country. If Gold and other peg commodity price increased, the overal value of BGC will also increased, hence these 5 currency will also indirectly increased. Other non Bricks member can use any of the 5 currencies as their foreign reserves at their own discreetion, base on their prefer trading partner.

[@constitutionalstacker5701]

I think about this a lot. Can you imagine if they dump the USD and convert it into gold or another currency and all the USD comes back home? Talk about inflation or hyperinflation.

[@andywong9847]

That day is coming. Watch.

[@tracysmith245]

i was looking at something inflation might get up to 13% again hope this is not correct like going back to the 70s or worse

[@constitutionalstacker5701]

@@tracysmith245 Honestly, on some things, I feel we're there or close already.

[@TheAlfakitty]

There is NO way that they would issue gold tokens with an expiration. That would create an options market in gold tokens.

[@articlesbox7502]

BRICS currency vs G7 (USD currency). The USD will weaken, the rate will rise

[@pernilsson9749]

Who owns the SARs goldmines, gold, and where do "gold" go, from the SAR?

[@alix682]

NDB is headquartered in Shanghai. They should move it to India or someplace where the CCP does not have access to it that easily.

[@shelbydavis3311]

South Africa good.....they got enough gold to choke the world

[@minime8048]

yeah i can see the US Navy parked outside from here

[@ghostface7300]

What if they hedge it against other commodities? such as oil, rare earths, micro chips?

[@leonardovalencia1753]

I suggest that you fire all of your research team bro...

[@Baby-Box]

Can you actually buy anything with it on a stock exchange, or any commodities

[@gizmothesquirrel9094]

cant buy anything with crypto

[@Mortum_Rex]

The Fort Knox myth is just that. US reserves are nowhere near 8Kt. This will be debunked sooner or later.

[@house2homeplus511]

It will work like any other currency

[@andrewwojcicki6762]

There is no more problem of instability than FIAT which passed its due due to unlimited printing by hegemon USA .

[@groenesnijboon950]

That would mean a new sort of centralized fiat system again. Where a bank is in control. I personally prefer a decentralized system were you pay directly to each other. Like Bitcoin but less volatile.

[@kallachnadra]

How the exchange rates will work to begin with ?

[@dinghonkim1069]

Good to have their currencies with gold backing.

[@lightpinkstarlight]

Or Use XRP as the bridge currency

[@daviddefranco5218]

Tokens...these nuts!!!

[@donballer2283]

Lets Go ! BRICS > $

[@leoniea138]

Its part of Gesara . Global Economic Security and Reformation Act which was signed by 209 countries .

[@adhemartucker8171]

Just hope the right people are holding the keys 🔑

[@dan2304]

Currencies are all representations of usable goods and commodities. Without the commodities particularly energy to back the curriency the currency will be worthless.

[@fadliyaakob6001]

Just as USD.....backed by not much gold but plenty of debts.

[@woodyexplorer]

It is like you receive your salary into your bank account. You buy stuff without a paper money at all just digital number transfer among the entities.

[@minime8048]

Only its not yours ...should the choose not to give it to you

[@jbo1721]

What’s ur opinion on what will be of the dollar

[@andywong9847]

Dirty toilet papers. You won’t want to use it either.

[@bloomfortune1188]

I thought they were gonna take all currencies and make it 1 (R5), which would make trading much more easier. And the value of the currency would also be stronger, like the Euro.

[@WiltonSilveira]

Seria loucura adotar moeda única.

[@merrick6484]

It won‘t work that way. To create a new currency where 5 countries can peg to it will make more sense, so no country lose its sovereignty.

[@yia01]

what i told a lot of my co-worker is they US company just take payment in this bric gold back currency and then trade it for the gold from taht bric centeral bank, then trade it for dollar witht eh US treasury and within a year or 2, bric gold reserve will be gone and teh bric gold back currency will dispear

[@gregwood1979]

as long as the money being traded between countries cannot be manipulated than we can trade with trust between one another...gold does that.

[@bemsendadi4230]

Picoin will work well with the vision of BRICS since Pi Coin is stable and have huge user base. The Pi network Blockchain technology can make international payment in a matter of seconds. This is a huge advantage over Swift. The similarities between Gold backed Brics and Pi Coin shows compatibility.

[@CyborgWSFF1]

the problem with bitcoin is it cant scale and it uses to much energy and the amount of processing power one will need to drive the hole world will be insane xrp is more scalebil with fast transactions and one of the green cryptos that uses the least energy for it is are mind and as time goes bay it actually becomes less for each xrp has a set amount of drops in it and cant be re mind or remade

[@cryptoexperience4446]

Your thinking of the wrong Bitcoin BSV scales BTC doesn’t 😊

[@CyborgWSFF1]

@@cryptoexperience4446 any proof of work coin is ultimately flawed with mining and processing speed with electricity usage for that reason if half of the world uses it you will need a country as big as Australia just to keep all the miners and 2 x the electricity that Australia can preduse

[@bloo4448]

Can I invest in any of these currencies and how do I do it?

[@smity25ca]

I maybe just speculation that the US has that much Gold in Ft. Knox 🧐

[@peaceleader7315]

Create a new united nation and creating a one currency and a one reserve bank that isn't backing by any commodities but just confident.

[@User34987]

Look like will be a dlt, now found which crypto run on dlt

[@Malisti04]

Doesn't SA have gold stored in London?

[@thestevewood]

Yes, that is correct! About half of SA's gold is stored in London. But it's still owned by SA. I assume if the BRICS currency starts taking off then London will do whatever it can to make it as difficult as possible for SA to retrieve the gold. Although London cannot deny SA from withdrawing the gold, I suspect they will come up with all sort of additional costs and procedures just to create as many obstacles as possible.

[@Malisti04]

@@thestevewood also, we need an audit. Somebody must go there physically 😜

[@minime8048]

@@thestevewood Imagine that

[@osmaisa4067]

God bless Brics

[@redxindustries4543]

Im not big on Geopolitics or international Finances... But what if... What if the BRICS nations decides to merge to one Currency like the Yuan i presume would be the strongest among themselves meaning that all brics countrys ditch their own currencies ad adopt the yuan as their main currency... Reasons being it would be very easy to use chinese Yuan as most country's arount the world already owes china a lot of money therefore creating a high demand for the yuan and also because BRICS knows that it would be almost impossible for USA and The west to Sanction China and their Yuan... Creating a safer heaven for Russia, India should the be in conflict with The West either direct or economicaly... And ever now chances are that Saudi Arabia and Egypt also wants to join Brics... This would make sanctioning the one china brics currency even more difficult as USA and EUROPE needs Russian oil and Gas.. Saudi oil and chinese technology... They need South Africa for Mineral resources so it be almost impossible for them to ignore this new currency

[@tinaforbes1059]

That's the idea. So that no countries can just print money for the sake of printing money. Just like the IMF are doing right now . Governments and citizens having massive debts that they can't pay it off .

[@kingsamuel3166]

The challenge is the US market is still the biggest trade partner of China.

[@merrick6484]

China will use Dollars earned to buy Gold.

[@chrissegee]

@@kingsamuel3166yes by a huge amount that one main reason that this BRIC this won’t work long term. Once the USA starts producing stuff and energy back up to it’s potential China falls hard

[@saifalarabi4491]

If the us bring the price of gold this is actually a good news, as we can buy more gold, and the price will go up again sooner or later even if the whole economy of world collapses.

[@boreokookies7246]

XRP and Ripple should be able to fix this liquidity problem.

[@johnnwabuforudemezue1108]

It will be backed to trade

[@emmanueljohn813]

As the economic crisis keep rising, one needs to have different streams of income, a well detailed diversified investment portfolio in the financial markets is needed to survive, as well as secure a profitable investment future, Thanks so much Mr Matt David for improving my portfolio.

[@emmanueljohn813]

@Reece Wayne he can be liaised,on Telegam with the username @officialmattdavid

[@sarahmills8891]

Same here, I started with $8,000 now earning $22,000 bi-weekly profits with his trading platform.

[@lawson9201]

Definitely one of the few people I can trade confidently with his signals. I have been getting so much joy trading all because of his signals.

[@hasantariq9491]

Gold doesn't grow very quickly; that means gold supply is short; that means its value may keep on increasing...can anyone correct me if I am wrong

[@ngtengpuay3236]

There is not enough gold in the world...How about the repricing of the gold price, then it will be enough

[@dc-ic5lj]

Xrp or xlm is the bridge currency

[@charleswilson8038]

US GOLD???WHERE IS THE AUDIT?

[@leoniea138]

QFS ....countries on Quantum Financial System ..

[@sathyath84]

I personally think the reserve currency that will end up being used by BRICS countries, whatever it is, will not be gold. At least not solely. The main reason is because the whole purpose of establishing their own international payment network was to detach the dependency on US, USD, and IMF. Otherwise there's no need to even create their own system and just use USD as they have always been. So in order to do this, they have to find something else that US have the least or at least not in dominating size. And it is obviously not gold because US have the most gold reserves in the world which is almost twice the amount of China's + Russia's combined. Keep using gold as reserve currency is a very risky business since US can manipulate the price of gold anytime, and therefore manipulate the entire BRICS currencies against USD whenever deemed necessary. For example if US wants BRICS currencies to be weakened against USD (so it can run its deficits much longer for example), it can just dump its gold reserve for the BRICS countries to pick up. And how can US do that? Because US don't really need gold as reserve anymore since it has successfully proven that USD can survive and even thriving solely as fiat. On the other hand, if US wants BRICS currencies to be strengthen against USD (so it can boost its exports), it can just buy gold from the market using its brand new printed-out-of-thin-air USD. So if the BRICS countries tie their currencies to gold, it means they put themselves in the position where US have more than 50% vote in controlling their money supply, all without directly affecting USD. In short, putting gold as reserve means adding value to gold, which means adding purchasing power to US reserve, and turns US into the largest BRICS foreign currency holder. Which is an even worse condition than current situation.

[@andileclassic3385]

Sa has 125tons of gold

[@georgevejdelek]

OMG mate. Have you ever heard of xrp.

[@thestevewood]

I have, and everyone is saying that you can buy gold coins with XRP. But if you look at the XRP price it's definitely not following the gold price. I have also looked at XRP, GLC, XAU, OGC, Meta Gold, AGLD, AWG. And none of them follow the gold price. The closest ones were AUXt, PMGT, PAXG which actually followed the gold price. But I am not so sure that the BRICS countries would trust other entities with their gold.

[@kyleobrien9831]

You say there’s 5 countries with the bricks if you look it up it says 137 with them 🤷‍♂️

[@C_AVATAR]

Volume too low.

[@aldarbagli7856]

World is gonna go digital gold by milli grams and up ❤

[@ayurumoreen4907]

thats how ¥EM will change the world

[@blancoswart8377]

hence why you need gold and silver at a minimum to create, maintain and improve an economy. time limits to any currency is unacceptable.

[@bidwox5085]

If U.S.A. depreciate gold price it causes USA lose gold.

[@rgaleny]

GOLD SILVER AND DIAMONDS AS BACKING

[@faustman1000]

Then perhaps, currencies should be backed by all precious metals. Silver, gold, platinum, and so forth. I don't like an experiration date on my money. DOA.

[@thestevewood]

But the idea is to trade with the token not to keep it. Basically like xrp but backed by something physical of real value.

[@minime8048]

your right .. steve wouldnt take my offer of a token for all his gold .. forgot to mention to him .. that token expires once i have his gold 🤣

[@gitaarmanad3048]

Say South Africa is buying goods and services from China, for an equivalent of 1200 kilo's of gold, it means China can buy goods and services from South Africa for the same amount of gold. It's really that simple.

[@MuhammadUsman-rz8eg]

Gold as a backup for currency notes doesn't make much sense in today's world. Gold used to be presumed the best representation of wealth in earlier days but today it's none more precious than any other commodity, be it Silver, Aluminum, Oil or semi-conductors.... Yes, we need a new monetary system that is more fair but it should not demand just the backing of Gold only. In a modern economy every single thing counts, from commodities to manpower, from research & development to infrastructure. Military capabilities, human resources, political stability, intercommunal harmony, human rights, quality of life etc. should all be taken into consideration when determining how worthy a country's currency should be!

[@minime8048]

Come work for me i`ll give you an apple .. or an orange if you prefer

[@northstar1060]

are countries that dont have any gold allowed to have currencies ,,,,,,,,,,,,,,,,,,,how do they get gold if they have no currencies to buy it with

[@thestevewood]

That's why at the moment, the only countries in the BRICS group are countries that are either rich in gold, or has a lot of gold in the ground.

[@northstar1060]

@@thestevewood coincidence

[@janhansson3004]

They will probably use XRPL ODL

[@somnathYashwantSavale]

BRICS Digital currency STX COIN Bank payment system 👍